In this episode of the Health Practice Insights podcast, host Wallace Long speaks with business advisor and chartered accountant Philip Arnfield.Philip shares practical strategies for health practice owners to address their biggest business challenges. The conversation covers pricing for profitability, becoming an employer of choice, customer segmentation, and the crucial distinction between compliance and advisory services.Whether you're a sole trader, small or medium sized practice, this episode is a must listen.Key TakeawaysPrice Strategically for Profitability: Don’t just absorb rising costs - review and adjust your pricing to ensure you can invest in your people and maintain a profitable practiceBecome an Employer of Choice: Attract and retain quality staff by offering a valued work environment, professional development, competitive earnings, and modern facilitiesSegment Your Customers: Analyse your patient base by payer type and value, and manage appointment bookings to ensure higher value clients aren’t crowded out by lower - paying onesLeverage Your Team: Recognise the critical role of front desk staff in shaping profitability through strategic diary management and customer prioritisationOur GuestPhilip Arnfield is a chartered accountant and business advisor with over three decades of experience. After selling his successful chartered accounting practice, Philip now advises businesses and delivers his ‘How to Build a Better Business’ training programs across Australia to small businesses and accounting firms.Timestamps00:00 – Welcome02:00 – Guest Introduction03:00 – Main Challenges Facing Health Practices04:00 – How Businesses Are Responding05:00 – Research Insights & Attracting Patients06:00 – The Simple Business Equation07:00 – Accountants vs. Business Advisors09:00 – Becoming an Employer of Choice10:30 – The Cost of Being an Employer of Choice11:00 – Pricing and Profitability12:00 – Health Sector Pricing Mindset13:00 – Customer Segmentation14:00 – Diary Management & Receptionist’s Role15:00 – Hidden Sales & Marketing Issues16:00 – Practical Strategies ConnectHost: Wallace LongGuest: Philip Arnfield Mentioned in this EpisodeUnearthing drivers of patient demand and practice productivity. CommBank Dental Insights 2024. Australian Dental Association 2024. General Practice Health of the Nation 2024 - an annual insight into the state of Australian general practice. Royal Australian College of General Practitioners 2024.Build a Better BusinessResourcesUse this link to request the following resourcesEp 1. Increasing Practice Profitability Philip Arnfield CA - Podcast summary (PDF) Subscribe to the free Health Practice Insights Email NewsletterFollow UsApple PodcastsSpotify

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